Written by: Krish Sharma

The fantasy sports company Sorare has completely changed how football fans engage with the game. The platform’s distinctiveness comes from the way that blockchain technology and cryptocurrencies are incorporated into its business strategy. Non-Fungible Tokens (NFTs), which are essentially digital player cards, are made by Sorare using this blockchain technology. The NFTs are traded and purchased with the aid of cryptocurrencies, particularly Ethereum, a decentralized, open-source blockchain that enables the development of smart contracts and digital assets. Sorare leverages blockchain technology to enable a protocol for the exchange of digital assets, making it easier to transfer value across different websites. This allows for the easy and safe transfer of digital assets like Sorare cards as well as the creation of user-made games. Moreover, Sorare’s usage of Bitcoin enables quicker, safer, and more affordable transactions, particularly for consumers from outside.

Sorare has developed a more open and safe system for purchasing, selling, and exchanging player cards thanks to the usage of blockchain technology. This is because every NFT is stored on the blockchain, making it difficult to copy or modify. These cards are one of a kind and only belong to the purchaser; they can be used in games, traded, or sold. Each player card’s scarcity determines how uncommon it is, with certain NFTs being incredibly rare and in great demand. Due to the fact that Sorare cards are website-agnostic, they reside in a user’s blockchain wallet rather than on Sorare.com. Sorare can hence market their cards outside of their website and get 5% in transaction fees from each secondary sale. Each football season, these cards are released, and there are various levels of scarcity, with a smaller supply of the rarer and more expensive cards as mentioned earlier. The cards’ underlying worth derives from their scarcity, and their pricing might change depending on how well the player performs in real-world situations. The logic of the market is followed by Sorare when purchasing and selling cards, therefore the more in-demand a player is, the more valuable their card will be. Consequently, it provides users with a special investing option where they may choose to keep their cards, sell them, or exchange them for other cards. The system’s trading platform enables users to buy cards individually or in pre-packaged sets through auctions or direct bidding. Users may assemble a squad to compete in football fantasy games and purchase collectibles of their favorite players. Users gain weekly points depending on the performance of the players on their team in these games, which are based on the real-life performance grading of football players. Users that earn the most weekly points can receive extra NFTs or cash rewards. This not only increases platform engagement but also encourages players to gradually acquire better and more expensive player collectibles.

Sorare’s partnership with 306 clubs covering 49 different leagues, including the recent addition of Italy’s Serie A, ensures that football fans worldwide have access to a wide range of digital cards representing their favorite players. Sorare’s popularity and user base have grown as a result of these collaborations, which have assisted Sorare in gaining legitimacy and mainstream exposure. The social component of Sorare’s platform allows users to interact with and compete against individuals from all over the world, fostering a feeling of engagement and community. Users seeking a trustworthy and dependable fantasy sports site will find it more alluring due to the platform’s open and secure player card trading, buying, and selling process.

With regards to providing returns for investors, Sorare generates income from several sources, such as card sales, auction fees, transaction fees, and licensing agreements. In addition to transaction fees from purchasing and selling NFTs, Sorare also earns money via its affiliations with football organizations and teams. In the beginning, Sorare offers limited edition digital collectible football player cards, or “Sorare cards.” Prices for these cards, which range from a few dollars to tens of thousands of dollars for uncommon cards, may be found on auction sites when they are sold in packs or individually. Each sale generates a commission for Sorare that might be anything between 5% and 10%. Furthermore, Sorare makes money via auction commissions. Depending on the card’s rarity, Sorare assesses a fee of 5% to 10% of the winning bid for each auction sale of a Sorare card. Lastly, anytime a Sorare card is traded on the site, Sorare levies transaction fees. Every sale on the site has a 2.5% transaction fee, of which 1.25 percent goes to Sorare and 1.25 percent to the designer of the card. The Premier League, Serie A, and MLS are just a few of the football leagues and teams with which Sorare has negotiated license agreements. These agreements provide Sorare access to the leagues’ official team names, emblems, and player pictures, which enhances the credibility of the Sorare cards. In exchange, Sorare pays these leagues and clubs license fees, which is a key source of income for the startup.

Digital fantasy gaming is not a novel idea, but Sorare’s adoption of blockchain technology brings authenticity, security, and transparency to a level that is unmatched by other fantasy gaming genres. Sorare is an exciting chance for football lovers and non-football fans to interact with their preferred sport in a distinctive and cutting-edge way thanks to its expanding collaborations with football leagues and clubs throughout the world. From 2018 through 2021, Sorare concentrated football to readers outside of the United States and included 280+ football leagues. The NBA and MLB were later added by the corporation in September 2022 and mid-2022, respectively. This intriguing idea of Sorare users purchasing, selling, and trading player cards, combined with the elements of fantasy sports and a play-to-earn business strategy gives them the opportunity to gain rewards that can be converted into cash on the Sorare market further incentivizing interaction. Since its launch, the platform has experienced phenomenal development, and with alliances with some of the most popular sports leagues worldwide, Sorare is poised to become a potential category leader in fantasy sports and NFT collectibles. In my opinion, it is in a good position to gain from the expansion of the fantasy sports, sports trading, and play-to-earn industries, which are all projected to continue. Sorare has simply changed the game; GameChangers.